Mozambique has emerged as one of the largest sources of foreign card transactions in Bangladesh despite limited travel, trade or diplomatic links between the two countries, raising questions among payments industry experts over the unusual spending pattern.
Data from Bangladesh Bank show Mozambique accounted for 9.13 per cent of card transactions by foreign nationals in Bangladesh during the period under review, even though only a small number of Mozambican citizens are known to live in or travel to the country.
The African nation does not even maintain an embassy in Bangladesh.
“The scale of usage of Mozambique-issued cards in Bangladesh is unusual and difficult to explain based on known travel or business links between the two countries. The pattern warrants closer examination,” a senior official at a payment service provider told TIMES of Bangladesh on condition of anonymity.
Another payments industry expert also described the trend as disproportionate compared with the economic relationship between the two countries.
“Mozambique has limited trade, investment or commercial engagement with Bangladesh compared to many other countries. Given that context, the volume and value of transactions associated with Mozambique-issued cards appear disproportionate,” he told TIMES.
The expert said there could be a financial or operational explanation behind the trend, although no firm conclusion could be drawn without access to more detailed transaction data, including merchant categories, transaction types and cardholder profiles.
Bangladesh Bank data show Mozambique-issued cards first appeared prominently in Bangladesh’s payment system in September 2024, shortly after the fall of the Awami League government.
The cards were used for 879 transactions worth Tk2.5 crore that month, accounting for 2.24 per cent of foreign card spending in Bangladesh.
Usage increased sharply in the following months.
In December 2024, transactions surged to 3,399 worth Tk9.6 crore, lifting Mozambique’s share to 3.97 per cent of foreign card spending.
The growth accelerated further in January 2025, when transaction volume doubled to 6,863 and spending climbed to Tk24.5 crore.
Mozambique’s share jumped to 9.71 per cent, making it one of the largest sources of foreign card activity in Bangladesh.
Although activity moderated afterwards, it remained significantly above late-2024 levels.
Between February and May 2025, monthly transaction values ranged between Tk11.8 crore and Tk16 crore, while Mozambique consistently accounted for more than four per cent of foreign card spending.
Transaction values rose again in the final quarter of 2025, reaching Tk16.9 crore in October and Tk22.9 crore in November before easing to Tk15.8 crore in December.
Mozambique’s share remained above five per cent throughout the quarter and peaked at 8.45 per cent in October.
The highest levels were recorded in early 2026.
Spending reached Tk34.7 crore in January and Tk35 crore in February from just over 4,600 transactions each month.
In February, Mozambique accounted for 13.14 per cent of all foreign card spending in Bangladesh, the highest share recorded during the 19-month period.
March recorded Tk29.1 crore in spending, with Mozambique’s share remaining above nine per cent.
Across the 19-month period, Mozambique-issued cards were used for more than 60,000 transactions in Bangladesh, generating transaction values exceeding Tk280 crore.
The average transaction size stood at around Tk46,700.
The figures alone do not indicate wrongdoing. However, the pattern appears unusual when viewed against the broader economic relationship between Bangladesh and Mozambique.
Experts cautioned that meaningful conclusions could not be drawn without transaction-level information.
Still, the emergence of Mozambique-issued cards as a major source of foreign card spending may warrant closer scrutiny by regulators, payment service providers and financial intelligence authorities to better understand the nature and purpose of the transactions.
